News

Banking sector expects to grow

Shireen Lata

November 15, 2015 6:27 pm

The banking sector expects growth in business next year.

With economic policies showing results, HFC Bank and Westpac say the reforms announced in the 2016 Budget are significant.

HFC Bank Chief Executive Officer – Isikeli Tikoduadua says the banking and finance sector is seeing more activity than it has in many years, lending for investment and consumer spending is at an all time high.

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“Banks are doing well and I think there will be lot of growth in investment and new venture because the budget that has come out, it has encouraged investors to come to the country and invest so I am optimistic there will be a lot of growth in the building industry as well and commercial entities.”

In October alone, commercial lending increased by fourteen percent while domestic and private sector credit grew by fourteen point two percent, while overall commercial banks’ lent fourteen percent in the year to date.

Westpac Fiji General Manager – Adrian Hughes says although lending is at an all time high, liquidity in the banking system hasn’t suffered.

In fact it stood at over six hundred and sixty nine million dollars in September and dropped slightly to five hundred and seventy million dollars last month.

HFC and Westpac Bank are positive that Fiji will be able to meet the five percent Gross Domestic Product forecast next year.

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